Hindustan Organic Chemicals reports standalone net loss of Rs 46.00 crore in the September 2016 quarter
India may impose anti-dumping duty of up to USD 118 per tonne on import of a chemical used by industries in applications such as corrosion control and paper bleaching from six countries including Korea, Indonesia and Pakistan.
The move is aimed at guarding domestic players from cheap imports of 'Hydrogen Peroxide' from Bangladesh, Taiwan, Korea, Indonesia, Pakistan and Thailand.
The commerce ministry's investigating arm - Directorate General of Anti-dumping and Allied Duties (DGAD) - in its final findings has concluded that the chemical was dumped in India which has impacted the domestic industry.
The DGAD in a notification "recommends imposition of anti-dumping duty" to remove the injury to the domestic industry.
It has recommended the duty in the range of USD 16.91 per tonne to USD 117.9 per tonne. While the DGAD recommends the duty, Finance Ministry imposes the same.
The import of Hydrogen Peroxide has increased to 67,300 tonne during April 2014 to June 2015 from 17,464 tonne in 2011 -12.
The chemical is used by various industries for corrosion control, paper and pulp bleaching. It also has therapeutic uses as an antiseptic and antibacterial agent.
Countries initiate anti-dumping probes to determine if the domestic industry has been hurt by a surge in below-cost imports. As a counter-measure, they impose the duty.
These duties are in compliance to the rules of the global trade body World Trade Organisation.
The duties also ensure fair trade by providing a level-playing field to the domestic industry. They are not a measure to restrict imports or cause an unjustified increase in the cost of products.
Unlike the safeguard duty, which is levied in a uniform way, anti-dumping duty varies from company to company and country to country.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)